CO - torn about closing?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
3 posts
craigm1
Centurion Member
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Posts: 285
Joined: Wed Dec 01, 2010 8:44 pm
Location: toms river nj

CO - torn about closing?

Postby craigm1 » Tue Sep 24, 2013 7:26 am

I have a capitalone cash rewards since 1998 with a $4800 limit and an apr of 13.99, They are converting me to a quick silver at the end of Nov. They refuse to raise my limit you can see via my signature the other cards I have. Other then the small hit I will take on my credit card age is there really any reason for me to keep this card open.

craigm
Current Cards: American Express:Grandfathered Blue Cash CL 34k member since 89
Chase Freedom CL 7.5k member since 04
Chase Marriot Rewards Premier CL 20k member since 13
Chase Sapphire Preferred CL 25K member since 13
Bank Americard Cash Rewards Signature Visa CL 14k member since 11
Discover Cashback Bonus $10.5k member since 11
US Bank Cash + Signature Visa 19k member since 12
Citibank Thank You Preffered World Mastercard $16.5k member since 14


Mrm-na
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Joined: Thu Sep 19, 2013 7:53 am
Location: California, US

Postby Mrm-na » Tue Sep 24, 2013 10:09 am

It's 1.5% rewards on all purchases, I don't know if any of your other cards do that. But even if they're all 1% on non-categories, the difference from 1.0 to 1.5 probably isn't anything to get excited about.
I don't know of any other special benefits to that card, so my instinct would be that if you have to ask, then you probably don't need it. If you're in need to juice your credit rating in the near term then maybe keep it open a while longer, but otherwise, might as well let it go and not have to keep track of it anymore.
Closed cards will still contribute to FICO scoring, but my understanding is that they count less than open cards do.

If you have any kids of appropriate age, maybe you could have them added as an authorized user and make them responsible for that card (you're still legally on the hook for it though, so keep an eye on it). That's all I can come up with.

craigm1
Centurion Member
Centurion Member
 
Posts: 285
Joined: Wed Dec 01, 2010 8:44 pm
Location: toms river nj

Postby craigm1 » Tue Sep 24, 2013 12:16 pm

It was my first card after bankruptcy in 94 and I feel like I have outgrown it, It got my foot back in the door with credit cards but just feel like it's a reminder of the past and they refuse to raise the limit and it's my lowest limit card limit by far. If I was going to pay off something over time I have a Chase Freedom with a 7.99 rate vs cap one 13.99. I wonder how much of a hit my score will take getting rid of a card from 98

craigm
Current Cards: American Express:Grandfathered Blue Cash CL 34k member since 89
Chase Freedom CL 7.5k member since 04
Chase Marriot Rewards Premier CL 20k member since 13
Chase Sapphire Preferred CL 25K member since 13
Bank Americard Cash Rewards Signature Visa CL 14k member since 11
Discover Cashback Bonus $10.5k member since 11
US Bank Cash + Signature Visa 19k member since 12
Citibank Thank You Preffered World Mastercard $16.5k member since 14



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